LETTER TO SHAREHOLDERS
Dear Shareholder:
The Dreyfus Investors GNMA Fund completed its fiscal year December
31, 1994, with a net asset value of $14.16. The total return of your Fund's
portfolio for this one-year period was -.99%* Dividends paid from net
investment income amounted to approximately $1.08 per share, representing an
annualized distribution rate per share of 7.62%, based on the December 31,
1994 closing net asset value per share.
We have completed one of the worst years for the fixed-income market
in nearly seventy years. The total return on the five-year Treasury note for
last year was -4.28%. Going back to 1926, this is the lowest negative total
return recorded for the five-year Treasury note. Over the last year, the
Federal Reserve Board tightened short-term interest rates six different
times. From the first 25 basis-point tightening on February 4, 1994 until the
last tightening on November 15, 1994, the Federal Reserve increased
short-term rates by a total of 250 basis points. As a result of these
tightening moves, the 30-year Treasury bond went from a yield of 6.36% on
February 4 to an 8.13% yield on November 18 - a rate increase of 177 basis
points.
In years such as 1994, with high periods of volatility and Federal
Reserve tightening, bond returns have often been negative. The Lehman
Brothers GNMA Index had a return of -1.50%.** Your Fund outperformed the
Index by 51 basis points with a total return of -.99%. Our 18% holdings of
Collateralized Mortgage Obligations with short average lives and our 10% cash
position helped us to place among the top 10% in our peer group.***
Performance was assisted by our strategy of adjusting durations in the
portfolio securities in response to market changes.
Going forward, we continue to anticipate some additional volatility
in the market. We are currently structured with a neutral posture. Our
durations are slightly longer than the market (approximately .10 years
longer). Whenever higher coupon GNMAs represent value in our opinion and are
available, they will be added to the portfolio.
On February 1, 1995, the Federal Reserve tightened credit once again.
We do believe that the stringent Federal Reserve policies will be effective
in curbing domestic inflation. We further believe that the current
developments in the fixed-income market may be rewarding over a period of
time.
We look forward to serving your further investment needs.
Very truly yours,
Garitt A. Kono (Signatuare Logo)
Garitt A. Kono
Portfolio Manager
February 2, 1995
New York, N.Y.
* Total return represents the change during the period in a
hypothetical account with dividends reinvested.
** SOURCE: LEHMAN BROTHERS - The Lehman Brothers GNMA Index is an
unmanaged total return performance benchmark for the
GNMA market, consisting of 15- and 30-year fixed-rate securities backed
by mortgage pools of the Government National Mortgage Association.
***SOURCE: LIPPER ANALYTICAL SERVICES, INC. - Based on total return from
12/31/93 to 12/31/94.
DREYFUS INVESTORS GNMA FUND DECEMBER 31, 1994
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN DREYFUS INVESTORS GNMA
FUND
AND THE LEHMAN BROTHERS GNMA INDEX
[(Exhibit A)
*Source: Lehman Brothers
AVERAGE ANNUAL TOTAL RETURNS
ONE YEAR ENDED FIVE YEARS ENDED FROM INCEPTION (8/5/87)
DECEMBER 31, 1994 DECEMBER 31, 1994 TO DECEMBER 31, 1994
- --------------------- --------------------- ---------------------------
(.99%) 7.23% 7.95%
Past performance is not predictive of future performance.
The above graph compares a $10,000 investment made in Dreyfus Investors GNMA
Fund on 8/5/87 (Inception Date) to a $10,000 investment made in the Lehman
Brothers GNMA Index on that date. For comparative purposes, the value of the
Index on 7/31/87 is used as the beginning value on 8/5/87. All dividends and
capital gain distributions are reinvested.
The Fund invests primarily in Ginnie Maes and its performance takes into
account all applicable fees and expenses. Unlike the Fund, the Lehman
Brothers GNMA Index is an unmanaged total return performance benchmark for
the GNMA market, consisting of 15- to 30-year fixed rate GNMA securities, and
is considered to be representative of the GNMA market. The Index does not
take into account charges, fees and other expenses. Further information
relating to Fund performance, including expense reimbursements, if
applicable, is contained in the Condensed Financial Information section of
the Prospectus and elsewhere in this report.
<TABLE>
<CAPTION>
DREYFUS INVESTORS GNMA FUND
STATEMENT OF INVESTMENTS DECEMBER 31, 1994
PRINCIPAL
BONDS AND NOTES--92.5% AMOUNT VALUE
----------- -------------
<S> <C> <C>
MORTGAGE-BACKED CERTIFICATES--73.5%
Government National Mortgage Association I:
7 1/2%, 2/15/2022-8/15/2024............................................. $ 4,976,514 $ 4,626,566
8%, 8/15/2006-7/15/2024................................................. 7,376,515 7,130,631
8 1/2%, 7/15/2017-12/15/2024............................................ 7,623,571 7,506,777
9% (a).................................................................. 1,000,000 1,010,930
9%, 12/15/2009-6/15/2018................................................ 2,960,637 2,994,850
9 1/4%, 10/15/2023...................................................... 970,029 966,081
9 1/2%, 1/15/2017-8/15/2020............................................. 260,720 269,519
-----------
24,505,354
-----------
Government National Mortgage Association II:
9%, 3/20/2016-9/20/2021................................................. 313,112 312,229
9 1/2%, 9/20/2021-12/20/2021............................................ 532,670 542,322
-----------
854,551
-----------
Federal Home Loan Mortgage Corp.,
Real Estate Mortgage Investment Conduit:
Ser. 77, Cl. F,
8 1/2%, 6/15/2017..................................................... 200,000 198,448
Ser. 86, Cl. F,
9%, 10/15/2020........................................................ 300,000 300,030
Ser.128, Cl. H,
8 3/4%, 9/15/2019..................................................... 1,000,000 993,880
Ser.1030, Cl. E,
9%, 3/15/2019......................................................... 1,000,000 1,004,670
Ser.1092, Cl. J,
8 1/2%, 5/15/2020..................................................... 1,000,000 979,450
Ser.1395, Cl. C,
6%, 11/15/2018........................................................ 2,000,000 1,880,260
Ser.1455, Cl. K,
7%, 6/15/2020......................................................... 1,500,000 1,391,265
-----------
6,748,003
-----------
Federal National Mortgage Association,
Real Estate Mortgage Investment Conduit;
Cl. G27-E,
8 1/2%, 2/25/2018....................................................... 910,115 895,090
-----------
TOTAL MORTGAGE-BACKED CERTIFICATES.......................................... 33,002,998
===========
U.S. TREASURY BONDS--8.9%
8%, 11/15/2021.......................................................... 4,000,000 4,016,876
===========
U.S. TREASURY NOTES--10.1%
4 5/8%, 2/15/1996....................................................... 600,000 582,281
7 1/4%, 11/30/1996...................................................... 4,000,000 3,969,376
-----------
TOTAL U.S. TREASURY NOTES................................................... 4,551,657
===========
TOTAL BONDS AND NOTES
(cost $42,490,318)...................................................... $41,571,531
===========
DREYFUS INVESTORS GNMA FUND
STATEMENT OF INVESTMENTS (CONTINUED) DECEMBER 31, 1994
PRINCIPAL
SHORT-TERM INVESTMENTS--8.7% AMOUNT VALUE
------------- -------------
REPURCHASE AGREEMENT;
Daiwa Securities America Inc., 5 1/4%
Dated 12/30/1994, Due 1/3/1995 in the amount of $3,932,293 (fully collateralized
by $4,070,000 U.S. Treasury Bills, due 5/18/1995, value $3,976,759) (b)
(cost $3,930,000)....................................................... $ 3,930,000 $ 3,930,000
============
TOTAL INVESTMENTS
(cost $46,420,318)...................................................... 101.2% $45,501,531
==== ===========
LIABILITIES, LESS CASH AND RECEIVABLES...................................... (1.2%) $(564,332)
==== ===========
NET ASSETS ........................................................... 100.0% $44,937,199
==== ===========
NOTES TO STATEMENT OF INVESTMENTS:
(a) Purchased on a when-issued basis.
(b) Held by the custodian in a segregated account for when-issued
securities purchased.
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS INVESTORS GNMA FUND
STATEMENT OF ASSETS AND LIABILITIES DECEMBER 31, 1994
ASSETS:
<S> <C> <C>
Investments in securities, at value--Note 1(b)
(cost $46,420,318)--see statement..................................... $45,501,531
Cash.................................................................... 392,428
Interest receivable..................................................... 311,424
Prepaid expenses........................................................ 12,479
Due from The Dreyfus Corporation........................................ 387,034
-------------
46,604,896
LIABILITIES:
Payable for investment securities purchased............................. $1,374,339
Payable for shares of Beneficial Interest redeemed...................... 148,815
Accrued expenses........................................................ 144,543 1,667,697
-------------- -----------
NET ASSETS ................................................................ $44,937,199
============
REPRESENTED BY:
Paid-in capital......................................................... $47,814,293
Accumulated undistributed investment income_net......................... 8,952
Accumulated net realized (loss) on investments.......................... (1,967,259)
Accumulated net unrealized (depreciation) on investments_Note 4......... (918,787)
-------------
NET ASSETS at value applicable to 3,174,555 shares outstanding
(unlimited number of $.001 par value shares of
Beneficial Interest authorized)......................................... $44,937,199
============
NET ASSET VALUE, offering and redemption price per share
($44,937,199 / 3,174,555 shares)........................................ $14.16
======
STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 1994
INVESTMENT INCOME:
INTEREST INCOME......................................................... $3,530,067
EXPENSES:
Management fee--Note 3(a)............................................. $ 285,899
Shareholder servicing costs_Note 3(b)................................. 183,183
Registration fees..................................................... 41,653
Auditing fees......................................................... 37,315
Prospectus and shareholders' reports.................................. 27,909
Trustees' fees and expenses_Note 3(c)................................. 27,293
Custodian fees........................................................ 21,116
Legal fees............................................................ 14,409
Miscellaneous......................................................... 71,714
-------------
710,491
Less_expense reimbursement from Manager due to
undertakings_Note 3(a)............................................ 679,933
-------------
TOTAL EXPENSES.................................................. 30,558
------------
INVESTMENT INCOME--NET.......................................... 3,499,509
REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS:
Net realized (loss) on investments--Note 4.............................. $(1,967,259)
Net unrealized (depreciation) on investments............................ (2,115,432)
-------------
NET REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS............... (4,082,691)
------------
NET (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS...................... $ (583,182)
============
See notes to financial statements.
DREYFUS INVESTORS GNMA FUND
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED DECEMBER 31,
-------------------------------
1993 1994
------------- -----------
OPERATIONS:
Investment income--net.................................................. $ 3,785,367 $ 3,499,509
Net realized (loss) on investments...................................... (60,023) (1,967,259)
Net unrealized appreciation (depreciation) on investments for the year.. 574,560 (2,115,432)
------------- -----------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS....... 4,299,904 (583,182)
------------- -----------
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income--net.................................................. (3,785,367) (3,490,557)
------------- -----------
BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from shares sold........................................... 33,607,000 18,193,639
Dividends reinvested.................................................... 2,722,292 2,338,409
Cost of shares redeemed................................................. (27,899,871) (25,744,866)
------------- -----------
INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS 8,429,421 (5,212,818)
------------- -----------
TOTAL INCREASE (DECREASE) IN NET ASSETS........................... 8,943,958 (9,286,557)
NET ASSETS:
Beginning of year....................................................... 45,279,798 54,223,756
------------- -----------
End of year (including undistributed investment income_net;
$8,952 in 1994)....................................................... $54,223,756 $44,937,199
=========== ===========
SHARES SHARES
------------- -----------
CAPITAL SHARE TRANSACTIONS:
Shares sold............................................................. 2,165,927 1,237,307
Shares issued for dividends reinvested.................................. 175,569 159,653
Shares redeemed......................................................... (1,798,971) (1,744,696)
------------- -----------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING......................... 542,525 (347,736)
=========== ===========
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS INVESTORS GNMA FUND
FINANCIAL HIGHLIGHTS
Contained below is per share operating performance data for a share
of Beneficial Interest outstanding, total investment return, ratios to
average net assets and other supplemental data for each year indicated. This
information has been derived from the Fund's financial statements.
YEAR ENDED DECEMBER 31,
------------------------------------------------------
PER SHARE DATA: 1990 1991 1992 1993 1994
------ ------ ------- ------ ------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year........... $14.55 $14.55 $15.34 $15.20 $15.39
------ ------ ------- ------ ------
INVESTMENT OPERATIONS:
Investment income--net....................... 1.20 1.06 1.16 1.11 1.08
Net realized and unrealized gain (loss) on investments -- .79 (.14) .19 (1.23)
------ ------ ------- ------ ------
TOTAL FROM INVESTMENT OPERATIONS........... 1.20 1.85 1.02 1.30 (.15)
------ ------ ------- ------ ------
DISTRIBUTIONS;
Dividends from investment income--net........ (1.20) (1.06) (1.16) (1.11) (1.08)
------ ------ ------- ------ ------
Net asset value, end of year................. $14.55 $15.34 $15.20 $15.39 $14.16
====== ====== ====== ====== ======
TOTAL INVESTMENT RETURN 8.58% 13.28% 7.02% 8.75% (.99%)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets...... -- -- -- -- .06%
Ratio of net investment income to average net assets 8.29% 7.78% 7.70% 7.15% 7.34%
Decrease reflected in above expense ratios due to
undertakings by the Manager (limited to the
expense limitation provision of the management
agreement)................................. 1.50% 1.50% 1.42% 1.28% 1.43%
Portfolio Turnover Rate...................... -- 40.28% 30.99% 34.02% 290.20%
Net Assets, end of year (000's Omitted)...... $293 $25,036 $45,280 $54,224 $44,937
See notes to financial statements.
</TABLE>
DREYFUS INVESTORS GNMA FUND
NOTES TO FINANCIAL STATEMENTS
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES:
The Fund is registered under the Investment Company Act of 1940
("Act") as a diversified open-end management investment company. Dreyfus
Service Corporation, until August 24, 1994, acted as the exclusive
distributor of the Fund's shares, which are sold to the public without a
sales charge. Dreyfus Service Corporation is a wholly-owned subsidiary of The
Dreyfus Corporation ("Manager"). Effective August 24, 1994, the Manager
became a direct subsidiary of Mellon Bank, N.A.
On August 24, 1994, Premier Mutual Fund Services, Inc. (the
"Distributor") was engaged as the Fund's distributor. The Distributor,
located at One Exchange Place, Boston, Massachusetts 02109, is a wholly-owned
subsidiary of Institutional Administration Services, Inc., a provider of
mutual fund administration services, the parent company of which is Boston
Institutional Group, Inc.
Effective January 1, 1994, the Fund was reorganized as a
Massachusetts business trust under the name of Dreyfus Investors GNMA Fund.
(A) PORTFOLIO VALUATION: The Fund's investments (excluding short-term
investments) are valued each business day by an independent pricing service
("Service") approved by the Fund's Board of Trustees. Investments for which
quoted bid prices are readily available and are representative of the bid
side of the market in the judgment of the Service are valued at the mean
between the quoted bid prices (as obtained by the Service from dealers in
such securities) and asked prices (as calculated by the Service based upon
its evaluation of the market for such securities). Other investments, which
constitute a majority of the portfolio securities, are carried at fair value
as determined by the Service, based on methods which include consideration
of: yields or prices of securities of comparable quality, coupon, maturity
and type; indications as to values from dealers; and general market
conditions. Short-term investments are carried at amortized cost, which
approximates value.
(B) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities
transactions are recorded on a trade date basis. Realized gain and loss from
securities transactions are recorded on the identified cost basis. Interest
income (including, where applicable, amortization of discount on short-term
investments) is recognized on the accrual basis.
The Fund may enter into repurchase agreements with financial
institutions, deemed to be creditworthy by the Fund's Manager, subject to the
seller's agreement to repurchase and the Fund's agreement to resell such
securities at a mutually agreed upon price. Securities purchased subject to
repurchase agreements are deposited with the Fund's custodian and, pursuant
to the terms of the repurchase agreement, must have an aggregate market value
greater than or equal to the repurchase price plus accrued interest at all
times. If the value of the underlying securities falls below the value of the
repurchase price plus accrued interest, the Fund will require the seller to
deposit additional collateral by the next business day. If the request for
additional collateral is not met, or the seller defaults on its repurchase
obligation, the Fund maintains the right to sell the underlying securities at
market value and may claim any resulting loss against the seller.
(C) DIVIDENDS TO SHAREHOLDERS: It is the policy of the Fund to
declare dividends daily from investment income-net. Such dividends are paid
monthly. Dividends from net realized capital gain, if any, are normally
declared and paid annually, but the Fund may make distributions on a more
frequent basis to comply with the distribution requirements of the Internal
Revenue Code. To the extent that net realized capital gain can be offset by
capital loss carryovers, if any, it is the policy of the Fund not to
distribute such gain.
DREYFUS INVESTORS GNMA FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
Prior to January 1, 1994 the Fund was a limited partnership and was
not required to distribute realized capital gains to avoid Federal income and
excise taxes. Prior years' gains and losses had been allocated to
shareholders and not paid, in accordance with the limited partnership
structure. This resulted in a difference between financial reporting purposes
versus Federal Income tax purposes, with respect to the treatment of such
allocated gains and losses. The Fund has therefore reclassified $100,016 from
accumulated net realized loss on investments to paid-in-capital. This amount
represented the cumulative effect of such differences. Results of operations
and net assets were not effected by this reclassification.
(D) FEDERAL INCOME TAXES: It is the policy of the Fund to continue to
qualify as a regulated investment company, if such qualification is in the
best interest of its shareholders, by complying with the applicable
provisions of the Internal Revenue Code, and to make distributions of taxable
income sufficient to relieve it from substantially all Federal income and
excise taxes.
The Fund has an unused capital loss carryover of approximately of
$1,040,000 available for Federal income tax purposes to be applied against
future net securities profits, if any realized subsequent to December 31,
1994. The carryover does not include net realized securities losses from
November 1, 1994 through December 31, 1994 which are treated, for Federal
income tax purposes, as arising in fiscal 1995. If not applied, the carryover
expires in fiscal 2002.
NOTE 2--BANK LINE OF CREDIT:
In accordance with an agreement with a bank, the Fund may borrow up
to the lesser of 25 percent of its net assets or $5,000,000 under a
short-term unsecured line of credit. Interest on borrowings is charged at
rates which are related to Federal Funds rates in effect from time to time.
There were no borrowings during the year ended December 31, 1994.
NOTE 3--MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES:
(A) Pursuant to a management agreement ("Agreement") with the
Manager, the management fee is computed at the annual rate of .60 of 1% of
the average daily value of the Fund's net assets and is payable monthly. The
Agreement provides for an expense reimbursement from the Manager should the
Fund's aggregate expenses, exclusive of taxes, interest on borrowings,
brokerage and extraordinary expenses, exceed the expense limitation of any
state having jurisdiction over the Fund. The most stringent state expense limi
tation applicable to the Fund presently requires reimbursement of expenses in
any full fiscal year that such expenses (exclusive of certain expenses as
described above) exceed 21/2% of the first $30 million, 2% of the next $70
million and 11/2% of the excess over $100 million of the average value of the
Fund's net assets in accordance with California "blue sky" regulations.
However, the Manager had undertaken from January 1, 1994 through March 31,
1995, or until such time as the net assets of the Fund exceed $100 million,
regardless of whether they remain at that level, to waive receipt of the
management fee payable to it by the Fund. In addition, during the year ended
December 31, 1994, the Manager voluntarily assumed all or part of the remainin
g expenses of the Fund. The expense reimbursement pursuant to the
undertakings amounted to $679,933 for the year ended December 31, 1994.
The undertaking may be modified by the Manager from time to time,
provided that the resulting expense reimbursement would not be less than the
amount required pursuant to the Agreement.
(B) Pursuant to the Fund's Shareholder Services Plan, the Fund
reimburses the Dreyfus Service Corporation an amount not to exceed an annual
rate of .25 of 1% of the value of the Fund's average
DREYFUS INVESTORS GNMA FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
daily net assets for servicing shareholder accounts. The services provided
may include personal services relating to shareholder accounts, such as
answering shareholder inquiries regarding the Fund and providing reports and
other information, and services related to the maintenance of shareholder
accounts. During the year ended December 31, 1994, the Fund was charged an
aggregate of $107,507 pursuant to the Shareholder Services Plan.
(C) Prior to August 24, 1994, certain officers and trustees of the
Fund were "affiliated persons," as defined in the Act, of the Manager and/or
Dreyfus Service Corporation. Each trustee who is not an "affiliated person"
receives an annual fee of $2,500 and an attendance fee of $250 per meeting.
NOTE 4--SECURITIES TRANSACTIONS:
The aggregate amount of purchases and sales (including paydowns) of
investment securities, excluding short-term securities, during the year ended
December 31, 1994, amounted to $122,867,054 and $127,276,240, respectively.
At December 31, 1994, accumulated net unrealized depreciation on
investments was $918,787, consisting of $17,869 gross unrealized appreciation
and $936,656 gross unrealized depreciation.
At December 31, 1994, the cost of investments for Federal income tax
purposes was substantially the same as the cost for financial reporting
purposes (see the Statement of Investments).
DREYFUS INVESTORS GNMA FUND
REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
SHAREHOLDERS AND BOARD OF TRUSTEES
DREYFUS INVESTORS GNMA FUND
We have audited the accompanying statement of assets and liabilities
of Dreyfus Investors GNMA Fund, including the statement of investments, as of
December 31, 1994, and the related statement of operations for the year then
ended, the statement of changes in net assets for each of the two years in
the period then ended, and financial highlights for each of the years
indicated therein. These financial statements and financial highlights are
the responsibility of the Fund's management. Our responsibility is to express
an opinion on these financial statements and financial highlights based on
our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
and financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. Our procedures included confirmation of
securities owned as of December 31, 1994 by correspondence with the custodian
and brokers. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the financial
position of Dreyfus Investors GNMA Fund at December 31, 1994, the results of
its operations for the year then ended, the changes in its net assets for
each of the two years in the period then ended, and the financial highlights
for each of the indicated years, in conformity with generally accepted
accounting principles.
(logo signature)
New York, New York
February 10, 1995
(Dreyfus Logo)
DREYFUS INVESTORS
GNMA FUND
200 Park Avenue
New York, NY 10166
MANAGER
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
CUSTODIAN
The Bank of New York
90 Washington Street
New York, NY 10286
TRANSFER AGENT &
DIVIDEND DISBURSING AGENT
The Shareholder Services Group, Inc.
P.O. Box 9671
Providence, RI 02940
Further information is contained
in the Prospectus, which must
precede or accompany this report.
Printed in U.S.A. 080AR9412
Dreyfus
Investors
GNMA
Fund
Annual Report
December 31, 1994
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT
IN DREYFUS INVESTORS GNMA FUND AND THE
LEHMAN BROTHERS GNMA INDEX
EXHIBIT A:
_________________________________________________
| | | |
| | LEHMAN BROTHERS | |
| PERIOD | GNMA |DREYFUS INVESTORS|
| | INDEX * | GNMA FUND |
|-----------| -----------------|-----------------|
| 8/5/87 | 10,000 | 10,000 |
| 12/31/87 | 10,306 | 10,374 |
| 12/31/88 | 11,213 | 11,470 |
| 12/31/89 | 12,972 | 12,436 |
| 12/31/90 | 14,344 | 13,503 |
| 12/31/91 | 16,646 | 15,296 |
| 12/31/92 | 17,879 | 16,370 |
| 12/31/93 | 19,056 | 17,803 |
| 12/31/94 | 18,769 | 17,627 |
|------------------------------------------------|
*Lehman Brothers
